Weinstein Company files for bankruptcy and frees staff from all secrecy

After a flurry of sexual harassment, abuse, and misconduct allegations against film producer Harvey Weinstein, the Weinstein Company earlier yesterday filed for bankruptcy.

As part of their filing, the company also released all employees from their secrecy and non-disclosure agreements.

“Today, the Company also takes an important step toward justice for any victims who have been silenced by Harvey Weinstein,” read a statement by the Company.

The statement went on, adding:

“Since October, it has been reported that Harvey Weinstein used non-disclosure agreements as a secret weapon to silence his accusers. Effective immediately, those ‘agreements’ end.

The Weinstein Company, which has about 100 employees, filed for bankruptcy, listing $500m to $1bn in liabilities and $500m to $1bn in assets.

The studio’s bankruptcy comes after it spent months looking for a buyer or investor. The company inked a deal with an investor group led by former Obama administration official Maria Contreras-Sweet, but the group terminated its offer earlier this month after seeing that the company had more liabilities than previously disclosed.

New York State Attorney General Eric Schneiderman reacted strongly to the decision, sending out a series of tweets against the producer. In one of his statements, he tweeted:

This is just another straw added to the Weinstein crisis that has been brewing and finally erupted six months ago, when a host of women came forward with allegations against Weinstein regarding inappropriate conduct, sexual misconduct, and even rape. \

The discussion inspired the use and spread of the hashtag #MeToo, with which many women came forward to discuss their own stories of being victims of sexual harassment and abuse.

The #MeToo hashtag has become a symbol of strength and empathy among women all over the world.
Photo Credit: The Independent

 

Information sourced from The Guardian. Article compiled by Lavanya Narayanan.